Ferrari has seemingly bowed to the inevitable and is working on a ‘secret’ project that will culminate in the first-ever SUV bearing the Prancing Horse emblem.

Reports out of Europe suggest that despite repeatedly and long denying it would ever build an SUV, it seems the project is now in full swing at the company’s Maranello headquarters.

The UK’s CAR magazine has blown the lid on the 'top secret' project, reportedly known inside Ferrari as F16X, which is set to take on the likes of Lamborghini’s still-to-be-released Urus SUV and Aston Martin’s DBX crossover.

Above: the GTC4 Lusso, and the FF before it, were unusual offerings for Ferrari. Pictured top: a speculative Ferrari SUV by Ahn Dre.

CAR magazine also revealed the F16X, reportedly due in 2021, will come in either V8 petrol or hybrid versions. The high-riding soft-roader is also likely to feature suicide rear doors, eliminating those pesky b-pillars.

According to the report, the F16X is likely to be twinned with the next-generation GTC4 Lusso, due for replacement in 2020 and will share the GTC4’s aluminium architecture and all-wheel drive platform.

It’s expected the F16X will hit showrooms with a sticker price in excess of €300,000 (A$450,000) and according to insiders, will double Ferrari’s annual sales to around 16,000 vehicles.